Actually it doesn't seem terribly ground-breaking or gimmicky or even particularly interesting.
OK, it lacks a seat tube. Provided the frame is structurally sound that's not very interesting, it just means it hasn't got a seat tube.
I'm not an engineer or materials scientist so I'm not qualified to comment on whether it is sound or not. But as a cyclist, would it make any difference to me if my seat tube wasn't there (providing the frame didn't fail)? Well, it means I'd lose one of my bottle mounts, but apart from that - no, not at all.
(Edit: Oh, and I'd have nowhere to mount my front mech. That would be a bit of a problem)